First Midwest Bancorp Inc (FMBI) Expected to Announce Quarterly Sales of $160.90 Million

Wall Street analysts expect that First Midwest Bancorp Inc (NASDAQ:FMBI) will announce $160.90 million in sales for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for First Midwest Bancorp’s earnings, with estimates ranging from $159.20 million to $163.60 million. First Midwest Bancorp reported sales of $155.15 million during the same quarter last year, which would suggest a positive year over year growth rate of 3.7%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, April 24th.

According to Zacks, analysts expect that First Midwest Bancorp will report full year sales of $160.90 million for the current financial year, with estimates ranging from $664.60 million to $678.90 million. For the next year, analysts anticipate that the company will report sales of $714.98 million per share, with estimates ranging from $703.40 million to $737.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow First Midwest Bancorp.

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First Midwest Bancorp (NASDAQ:FMBI) last issued its quarterly earnings data on Monday, January 29th. The financial services provider reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). First Midwest Bancorp had a return on equity of 7.69% and a net margin of 14.59%. The business had revenue of $154.24 million for the quarter, compared to analyst estimates of $162.84 million. During the same period in the previous year, the business posted $0.32 EPS.

Several research firms have issued reports on FMBI. Jefferies Group reissued a “buy” rating and issued a $28.00 price target on shares of First Midwest Bancorp in a research note on Friday, December 8th. Piper Jaffray Companies reissued a “buy” rating and issued a $29.00 price target on shares of First Midwest Bancorp in a research note on Tuesday, January 9th. BidaskClub downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, January 30th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $23.00 price target on shares of First Midwest Bancorp in a research note on Thursday, October 26th. Finally, Zacks Investment Research downgraded First Midwest Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $26.67.

First Midwest Bancorp (NASDAQ FMBI) traded up $0.26 on Wednesday, hitting $25.20. The company’s stock had a trading volume of 649,600 shares, compared to its average volume of 664,755. First Midwest Bancorp has a 1 year low of $20.50 and a 1 year high of $26.48. The firm has a market cap of $2,588.47, a P/E ratio of 18.00, a price-to-earnings-growth ratio of 2.08 and a beta of 1.18. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.97 and a quick ratio of 0.98.

In other First Midwest Bancorp news, Director Robert P. Omeara sold 50,000 shares of First Midwest Bancorp stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $24.56, for a total value of $1,228,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.69% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. New York State Common Retirement Fund grew its holdings in shares of First Midwest Bancorp by 23.9% in the 2nd quarter. New York State Common Retirement Fund now owns 109,200 shares of the financial services provider’s stock valued at $2,545,000 after acquiring an additional 21,099 shares in the last quarter. Parametric Portfolio Associates LLC grew its holdings in shares of First Midwest Bancorp by 15.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 190,758 shares of the financial services provider’s stock valued at $4,447,000 after acquiring an additional 25,470 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of First Midwest Bancorp by 11.1% in the 3rd quarter. Prudential Financial Inc. now owns 221,386 shares of the financial services provider’s stock valued at $5,185,000 after acquiring an additional 22,060 shares in the last quarter. State Street Corp grew its holdings in shares of First Midwest Bancorp by 21.5% in the 2nd quarter. State Street Corp now owns 3,645,798 shares of the financial services provider’s stock valued at $84,982,000 after acquiring an additional 644,968 shares in the last quarter. Finally, Pzena Investment Management LLC grew its holdings in shares of First Midwest Bancorp by 3.7% in the 3rd quarter. Pzena Investment Management LLC now owns 1,325,864 shares of the financial services provider’s stock valued at $31,052,000 after acquiring an additional 47,760 shares in the last quarter. Institutional investors own 83.52% of the company’s stock.

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First Midwest Bancorp Company Profile

First Midwest Bancorp, Inc is a bank holding company. The Company’s principal subsidiary, First Midwest Bank (the Bank), is an Illinois state-chartered bank and provides a range of banking, treasury and wealth management products and services, to commercial and industrial, commercial real estate, municipal and consumer customers.